A total of one hundred major Indian companies created more than 91,000 jobs in the US by investing US dollar 15 billion in a wide range of sectors across 35 American States, according to a latest report.
The southern State of Texas received the maximum (USD 3.84 billion) foreign investment from Indian companies followed by Pennsylvania (USD 3.56 billion), Minnesota (USD 1.8 billion), New York (USD 1.01 billion) and New Jersey (USD 1 billion), said the report titled “Indian Roots, American Soil” by the Confederation of Indian Industry (CII) and Grant Thornton (GT).
More than 20 top lawmakers including Senators, John Cornyn and Mark Warner, attended the report released yesterday at the Capitol Hill.
Here are top 7 highlights:
1. Together, 100 Indian companies employ more than 91,000 people across 35 states and the Washington DC, the American capital.
2.The total value of tangible investments made by these 100 companies exceeds $15.3 billion.
3.The top five states in which Indian companies have generated maximum employment are: New Jersey (9,278 jobs), California (8,937 jobs), Texas (6,230 jobs), Illinois (4,779 jobs) and New York (4,134 jobs).
4.The top five states in which Indian companies have contributed the highest foreign direct investment are: Texas ($3.84 billion), Pennsylvania ($3.56 billion), Minnesota ($1.8 billion), New York ($1.01 billion) and New Jersey ($1 billion).
5.The average amount of investment received from Indian companies per state is $443 million.
6.84.5 percent of the companies plan to make more investments in the US.
7.90 percent of the companies plan to hire more employees locally in the next five years.
“As India surges forward to become the fourth fastest growing source of FDI into the US, it is critical that we recognise the positive impact of Indian business investments in the country,” said Senator Warner, co-chair of the Senate India Caucus. A cornerstone of relations between India and US is the thriving commercial exchange between the countries, Warner said.
The CII study draws attention to the growing contribution and influence of the Indian industry, which forms an important component of our growing and vibrant relationship with the United States, said Indian Ambassador to the US Arun K Singh.
“Today Indian companies are not just investing and creating jobs, they have also become significant stakeholders in the growth and prosperity of their local communities,” Singh said.
“India is now the fourth fastest growing source of investments into America – this is a very critical aspect of the burgeoning bilateral US-India business story and one that has an immediate and visible positive impact on the local communities where these companies operate. It’s a story that needs to be told and re-told,” said Chandrajit Banerjee, CII director general.
Congressman Bera, Co-Chair of Congressional Caucus on Indian and Indian Americans, said the growing the economic partnership between India and the US will benefit both economies and bring new jobs to his Sacramento County in California.